What is the Primary Purpose of a Bank Reconciliation?
I’m sure you hear us use the term “reconciliation” all the time. Making sure that accounts are reconciled is a high priority for us, and there’s several reasons why beyond the obvious.
Trust Accounting
Cash vs. Accrual Accounting
We tend to think of “rocks” as challenges or issues that block our path, but if we’re rock-strategic, we can use them to achieve our business goals.
The Complete LiveTrust Best Practices Guide [checklist]
LiveTrust is robust, and it requires that you stay on top of important tasks to keep your vacation rental accounting records in order. To make things easier for you, we’ve put together a complete checklist.
What reports should I review for my trust account?
There are numerous steps and processes that go into accurate trust accounting. One of those steps is reviewing reports that tell you if your trust account is in balance and if you’re holding all the funds as you should.
Do I need more than one bank account for my vacation rental management company?
In vacation rental accounting, paying one stakeholder with funds due to a different stakeholder causes a commingled trust account. But what is commingling, and why is it a problem?
What reports should I review for my trust account?
Discrepancies between a bank account and a vacation rental accounting system occur more often than you might think. Performing a monthly bank reconciliation ensures your financial records are accurate.
5 benefits of outsourcing your vacation rental trust accounting
Is the time you spend on vacation rental accounting taking your focus away from growing your business, or servicing property owners and guests? It might be time to find an outsourcing partner.
Tracking gift certificates for short-term vacation rentals
Gift certificates for short-term vacation rentals are a great tactic for bringing new guests to your properties, but did you know they are considered advance deposits and require special handling?